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CEB to finance the new Cyprus Archaeological Museum to preserve cultural heritage
27 February 2025
Nicosia – The Council of Europe Development Bank (CEB) has signed a €72 million loan agreement with the Republic of Cyprus to finance the construction of the new Cyprus Archaeological Museum in Nicosia. This significant investment will support the preservation and promotion of Cyprus’ rich cultural heritage while enhancing the country’s tourism and educational infrastructure.
Cyprus has gained international recognition as a cultural hub, not only for the vital role the country has played in shaping the history of the eastern Mediterranean, but also for the distinctive character of ancient Cypriot art. However, the existing archaeological museum in Nicosia is no longer able to meet the needs of its continually expanding and diverse collection nor the expectations of its visitors.
"The new Archaeological Museum is an ambitious project, which aims to overcome the current constraints faced by the existing building, set to be the island’s largest cultural endeavour,” said Cypriot Finance Minister Makis Keravnos. “It is a very important project for the Cyprus Government and the people of the island, since it will revitalize and showcase in a more appropriate and deserved way, the country’s rich and diverse history and will create a vibrant cultural, leisure and social hub at the heart of the city.”
“We are honoured to support Cyprus in this important cultural investment. The preservation of heritage and the promotion of education align with the CEB’s commitment to social cohesion and sustainable development, as well as contribute to the country’s long-term social and economic well-being,” said Tomáš Boček, CEB’s Vice-Governor for Target Group Countries.
The new Cyprus Archaeological Museum will replace the existing museum, which has been the country’s main archaeological institution since its creation at the turn of the 20th century. The modern facility will provide state-of-the-art exhibition spaces, advanced conservation laboratories, and expanded research and educational facilities.
Designed to become a leading international cultural institution dedicated to the country’s rich archaeological heritage, the new Cyprus Archaeological Museum will foster social and cultural interrelationships at the heart of the capital city Nicosia while making the country’s invaluable material and immaterial cultural heritage more accessible to the public.
With works already on-going, the museum’s design will incorporate high environmental standards, including energy-efficient technologies and sustainable building materials. The construction of the museum will also receive parallel financing of €72 million from the European Investment Bank (EIB), a testament to the project’s importance.
The Council of Europe Development Bank (CEB) is a multilateral development bank, whose unique mission is to promote social cohesion in its 43 member states across Europe. The CEB finances investment in social sectors, including education, health and affordable housing, with a focus on the needs of vulnerable people. Borrowers include governments, local and regional authorities, public and private banks, non-profit organisations and others. As a multilateral bank with an excellent credit rating, the CEB funds itself on the international capital markets. It approves projects according to strict social, environmental and governance criteria, and provides technical assistance. In addition, the CEB receives funds from donors to complement its activities.